Short Interest in EMCORE Co. (NASDAQ:EMKR) Drops By 58.3%

EMCORE Co. (NASDAQ:EMKR) was the target of a large decline in short interest in the month of May. As of May 31st, there was short interest totalling 141,200 shares, a decline of 58.3% from the May 15th total of 338,400 shares. Currently, 2.0% of the company’s shares are sold short. Based on an average daily volume of 314,800 shares, the days-to-cover ratio is currently 0.4 days.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Northland Capmk lowered EMCORE from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 9th. StockNews.com raised EMCORE from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, Alliance Global Partners reaffirmed a “neutral” rating on shares of EMCORE in a research report on Thursday, May 9th.

Insider Transactions at EMCORE

In other news, major shareholder Archon Capital Management Llc sold 1,255,258 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $1.12, for a total transaction of $1,405,888.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.94% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of EMKR. Archon Capital Management LLC lifted its holdings in shares of EMCORE by 65.1% during the first quarter. Archon Capital Management LLC now owns 12,552,577 shares of the semiconductor company’s stock valued at $4,331,000 after purchasing an additional 4,951,568 shares during the last quarter. Penn Capital Management Company LLC boosted its position in EMCORE by 57.0% during the 4th quarter. Penn Capital Management Company LLC now owns 3,540,170 shares of the semiconductor company’s stock worth $1,731,000 after acquiring an additional 1,284,624 shares during the period. Herald Investment Management Ltd acquired a new stake in EMCORE during the 3rd quarter worth about $950,000. Manatuck Hill Partners LLC acquired a new stake in EMCORE during the 3rd quarter worth about $904,000. Finally, Kovack Advisors Inc. boosted its position in EMCORE by 10.3% during the 1st quarter. Kovack Advisors Inc. now owns 887,400 shares of the semiconductor company’s stock worth $306,000 after acquiring an additional 83,100 shares during the period. Institutional investors own 65.66% of the company’s stock.

EMCORE Stock Performance

Shares of NASDAQ:EMKR traded down $0.01 on Friday, hitting $0.86. The company’s stock had a trading volume of 802,115 shares, compared to its average volume of 297,777. EMCORE has a 12 month low of $0.78 and a 12 month high of $9.50. The company has a market capitalization of $7.12 million, a price-to-earnings ratio of -0.10 and a beta of 1.41. The stock’s 50-day moving average is $1.80 and its two-hundred day moving average is $29.61. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.85 and a current ratio of 3.27.

EMCORE (NASDAQ:EMKR) last released its quarterly earnings results on Wednesday, May 8th. The semiconductor company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.60) by $0.51. EMCORE had a negative return on equity of 27.56% and a negative net margin of 68.57%. The company had revenue of $19.63 million during the quarter, compared to analysts’ expectations of $24.00 million. On average, equities research analysts forecast that EMCORE will post -0.25 EPS for the current year.

About EMCORE

EMCORE Corporation, together with its subsidiaries, designs and manufactures fiber optic gyro, ring laser gyro, and micro electromechanical system-based inertial sensors and systems in the United States and internationally. It offers navigation system and inertial sensing products, such as gyroscopes and multi-axis sensors, inertial measurement units, fiber optic gyroscopes, quartz micro electromechanical systems, inertial navigation systems, tactical navigation, and naval and amphibious navigation, as well as radar positioning and pointing systems, and battlefield/artillery survey systems.